167.102
Qualifying council securities as special obligations.

Securities issued under section
167.101 of the Revised Code are
special obligation securities and are not general obligations of the state, the
issuing qualifying council, the members of the issuing qualifying council, or
any political subdivision of the state. Such securities shall not constitute
debt for which the full faith and credit of the state, the issuing qualifying
council, the members of the issuing qualifying council, or any political
subdivision of the state may be pledged. The holder or owner of the securities
shall have no right to have money raised by taxation by the state or any
political subdivision of the state obligated or pledged, and money so raised
shall not be obligated or pledged, for the payment of principal or interest or
premium on such securities, and each security shall bear on its face a
statement to that effect. Money received by the qualifying council pursuant to
section 167.06 of the Revised Code shall
not be considered money raised by taxation.